The non-binding term sheet would see the critical minerals company gain a 90% interest in Volato and a NYSE listing.
Volato Group announced earlier today that it has signed “a non-binding term sheet” that would see it acquire M2i Global.
M2I Global, Inc., through its subsidiary U.S. Minerals and Metals Corp., provides engineering, research, and services that integrate people, technology, and solutions from across sectors to ensure access to critical minerals and metals for national defense and economic security.
It wants to establish a strategic mineral reserve in partnership with the U.S. Federal Government.
Volato previously operated fractional and jet card programs until August of last year.
It continues to operate Vaunt, an empty-leg membership program.
It has been working to resolve a series of lawsuits from customers who were part of the jet card and fractional offerings.
According to the news release, M2i Global will own approximately 90% of the total issued and outstanding shares of common stock of the aviation company on an as-converted and fully diluted basis, excluding any outstanding public warrants for Volato common stock.
The current shareholders of Volato will own approximately 10% of the total issued and outstanding shares of Volato common stock on an as-converted and fully diluted basis.
It excludes any outstanding public warrants for Volato’s common stock.
Volato’s proprietary aviation software, Vaunt empty leg platform, and investment vehicles will operate as a separate unit, led by Volato CEO and Co-Founder Matt Liotta.
Alberto Rosende, M2I CEO, will assume the role of Chief Executive Officer of Volato.
Liotta will continue to serve on the board of the combined company.
He will lead the aviation and software operating unit as President.
Mark Heinen, Volato’s Chief Financial Officer, will serve in the same role for the combined company.
Liotta said, “We’ve made real progress turning Volato around—posting net income, reducing debt, and scaling new platforms—but the public market hasn’t recognized it.
He added, “This transaction re-rates our value and gives our shareholders exposure to a macroeconomic growth engine in critical minerals, while keeping our aviation platforms intact and scaling under experienced leadership. It’s not an exit—it’s a rebirth.”
The combined company will pursue listing on the NYSE American.
M2i Global currently trades over the counter.
Volato is listed on the NYSE under the ticker symbol SOAR following its 2023 SPAC merger IPO.
An official with Volato tells Private Jet Card Comparisons that its former jet card clients who have a remaining balance can continue to fly down the balance via on-demand charter bookings via the company.
The current balance of jet card deposits is around $4 million, according to the official.
No timeline was provided for completing the proposed deal.
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